It’s a strange feeling, being an overnight success at age 51. Four years ago, I founded my first company, Constellation Agency (No. 65 on the 2020 Inc. 5000 list). Today, we do north of $20 million in annual revenue providing microtargeted digital advertising creative to more than 900 auto dealerships across the country.
In 2014, a friend of mine arrived at dinner wearing these big, bright, ugly, orange-lensed safety glasses. I thought he was playing a joke on me. We weren’t in a five-star restaurant, but people were dressed nicely and his look was out of place. Eventually, I had to ask, “What’s up with the safety glasses?”
Starting a business — or even getting involved as a professional — when you’re young can be intimidating. You might have knowledge about business from school, books or practical advice from sources online, but there’s a big difference between understanding business fundamentals on paper and gaining wisdom through actual experience.
If you plan to start or expand a business, chances are you’ll need to seek funding. In a 2015 study by Bank of America, 24 percent of entrepreneurs indicated they intended to seek a business loan within the coming year. Many of those would apply for an SBA loan through an approved lender. But what is the current climate for SBA lending?
Have you ever dreamed of starting your own business? If so, what’s holding you back? If not having enough money to get started, then I’ve got some excellent news for you. You can start countless businesses for under a $100.
Entrepreneurship isn’t easy. It’s risky, it’s stressful and the success rate for new businesses really isn’t all that encouraging. So, why do people become entrepreneurs? Usually, it’s because we find that simply working a job just isn’t enough. We need to challenge ourselves, to test our ideas and to take control. Working for someone else just can’t satisfy that kind of personal drive.
A recent survey by seven Federal Reserve Banks showed a whopping 72 percent of business owners who apply for a traditional loan get turned down. That’s right — seventy-two percent.